NOW you can tell your kids money grows on trees, government trees.

With the new stimulus package coming out of Washington, DC, money really does grow on trees. Pretty soon you will be able to go down to the local Home Depot, Lowes, or Southern States and pick you up a tree bud to plant for the spring time. Better hurry, you never know who will be in business next week.
But if you are one of the lucky millions that still have a job and a lot to be thankful for; Well you came to the right place to get even more good news. RATES AREA DOWN –Now get out there and get a house from that seller waiting to make a deal.

And yes you can still get a loan from your local bank or lender. But this time instead of just having a heart beat and breathing on the mirror, well you are going to have to answer some quesitons, fill out paper work (giving the correct answers this time helps), have good credit, have a job and prove it, and be patient.  The money will come.

So no matter how you look at this economy, do I go housing or do I go stock market.  Well even in the best of housing markets the stock market sucked.  Now that both are on life support, you can at least make a good investment for the future in real estate where there is always appreciation.  And at the end of the day the stock market will still suck.  The better investment is for over the last 15 years has been in real estate.  And what a better way to get this county a good kick in the butt by pulling out the jumper cables and stating up the housing market.  And funny how everything else will follow.   

Mortgage rates fell this week as the Fed continued to buy billions of dollars of mortgage bonds. Meanwhile, the House and Senate gave final congressional approval to sweeping economic-recovery legislation, marking a new milestone of federal intervention in the nation’s economy. The bill includes an $8,000 refundable tax credit for first-time buyers if they purchase a home after Jan. 1, 2009, but before Dec. 1, 2009. Unlike a similar credit that Congress provided last year, repayment is not required. The new credit, however, does phase out for individuals with incomes over $75,000 or married couples with incomes over $150,000 who file their taxes jointly. Also, you forfeit the credit if you sell the house within three years.
Freddie Mac reported that the average 30-year fixed rate fell to 5.16% from 5.25% last week. Here are our weekend rates for purchases:

Conf 30 year fixed to 4.75%

Conf 30 year fixed ($417,000-$535,900): 5.0%

FHA 30 year fixed: 5.0%

Jumbo 5/1 ARM ($528,750+) with Wachovia checking account: 5.125%

All rates reflect 1 origination, 0 discount points. Please note rates do vary by credit score, loan amount, and loan to value.

One Response

  1. Definitely buy real estate if you see lenders start loosing up the reins.. Any improved liquidity will enable buyers to buy with less and that will move values up.

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